If Bitcoin is a currency with deflation property, that means BTC has to be appreciated (which in reality means BTC is a fancy collectible)
Therefore a rational BTC user will hold BTC rather than spend it.
but if no one spend BTC, then what's the point of such a currency?
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who can help me find out the fallacies in this reasoning? thank you!
The simplest way to see the fallacy is this: Would you rather have 10 bitcoins today or 10 bitcoins in ten years? Since 10 bitcoins today includes the ability to have 10 bitcoins in ten years
plus the additional ability to spend them before that if that's helpful, it
must be worth more today. So by holding bitcoins you are forfeiting the additional value from the ability to spend them.